HJS Broke Shengtian Group will be affected

Han Jin maritime company in August 31st held a meeting of the board of directors decided to apply to the Seoul Central District Court for legal management (referring to the closure of the enterprise, the court designated by the third party management). According to Korean media reported earlier, Hanjin Shipping Company in August 25 to the creditors proposed by Hanjin Group invested 500 billion won ($450 million) independent reconstruction plan for the core content of the funds, but was refused to creditors. The largest creditor, Hanjin Shipping Korea Development Bank (KDB) 30 held in the "about whether to continue to Hanjin additional funds support" the creditor group meeting and officially announced that the creditor bank decision since September 4th to stop the company to provide financial assistance. From this, unable to carry out the normal operation of the Korean sea is expected to end after 31 days of the board meeting, the Seoul Central District Court to apply for bankruptcy protection management.

HJS company his broke will surely lead the increase of the sea freight. Hebei Shengtian Group which mainly produce carbon steel seamless steel pipes and Stainless Steel End Cap, cooperated with HJ for a long term. If HJS broken became a fact. Then shengtian group will be serious affected on the sea freight. Shengtian Group will have to find other cooperators to instead Hanjin.